Category Archives: Industries

Community petitions NDDC over abandoned N40m water project

Community petitions NDDC over abandoned N40m water project

The indigenes of the Ekwuoma community in Ika North-East Local Government Area of Delta State have petitioned the Managing Director of the Niger Delta Development

Passengers avoid B737 Max planes as Boeing stock dips 12%

US-Stock-Exchange

In the wake of Ethiopian Airlines Boeing737Max aircraft crash on Sunday, more passengers around the world are avoiding the aircraft type like a plague.The new

Take over operation of OML 11 from Shell, Buhari orders NNPC

Take over operation of OML 11 from Shell, Buhari orders NNPC

President Muhammadu Buhari has ordered the Nigerian National Petroleum Corporation to take over the operatorship of the entire Oil Mining Lease 11 from Shell Petroleum

MTN IPO to be executed in two phases amid row with FG

MTN IPO to be executed in two phases amid row with FG

•Listing expected Q2/Q3 •Nigerians already own 20% untraded shares The long-awaited listing of the shares of South Africa-based, mobile network provider, MTN, will now be

PFSO advocates integration of maritime command control centres

PFSO advocates integration of maritime command control centres

The Port Facility Security Officers, PFSO, Forum of the Lagos Maritime Security Zone, MSZ, has advocated for the integration of the various maritime command control

US slashes imports of Nigerian crude by 43%

crude-oil-barrel

The United States cut its imports of Nigerian crude oil by 48.87 million barrels or 43 per cent in 2018, according to the latest data

Nigeria loses $18b yearly to illicit financial flows

Nigeria loses $18b yearly to illicit financial flows

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said $18 billion of revenue expected to address the nation’s under-development is diverted yearly in illicit financial

Banks loans to private sector dropped by N455bn to N15.1tn

The total credit from banks to the economy recorded a decline of N455bn from N15.58tn as of the end of the third quarter of last year to N15.1tn in the fourth quarter. This is contained in the banking sector report released by the National Bureau of Statistics on Tuesday. The NBS in the report also said the total number of members of staff in banks increased by 1.8 per cent from 102,821 in the third quarter of 2018 to 104,669 in the fourth quarter. It said during the fourth quarter of last year, the sector recorded 616,528,697 transactions valued at N39.15tn through electronic payment confirmation. The report stated that the Nigeria Interbank Settlement System Instant Payments transactions dominated the volume of transactions as it recorded 228,209,423 transactions valued at N23.57tn during the fourth quarter of last year. A breakdown of credit to the private sector showed that oil and gas with N3.55tn received the highest credit allocation during the period under review. This was followed by the manufacturing sector with total loans of N2.23tn. It read in part, “In terms of credit to the private sector, the total value of credit allocated by the banks stood at N15.13tn as at Q4, 2018. “Oil and gas and manufacturing sectors got credit allocation of N3.55tn and N2.23tn to record the highest credit allocation as at the period under review. “As at Q4, 2018, the total number of banks’ members of staff increased by 1.80 per cent quarter on quarter from 102,821in Q3 2018 to 104,669.” READ ALSO: ASUU chair demands N200m from AAU for sexual harassment allegation Based on the analysis of the report, the agricultural sector received N610.14bn, power and energy, N403.37bn; construction, N614.5bn; trade and general commerce, N1.07tn; while credit to the government was put at N1.36tn. In the same vein, the real estate sector received a total loan of N622.77bn; finance, insurance and capital market, N1.1tn; education, N57.25bn; Information and Communications Technology N545.49bn; transportation and storage, N289.85bn; while other sectors got N339.73bn.

The total credit from banks to the economy recorded a decline of N455bn from N15.58tn as of the end of the third quarter of last

Election anxiety weighs in on import, export activities

Election anxiety weighs in on import, export activities

As the political intrigues linger, import and export activities at the nation’s gateways have significantly reduced owing to the uncertainty trailing the polity at this

ATM transactions hit N39.15trn in Q4, 2018 —NBS

The National Bureau of Statistics said Automated Teller Machine from selected banks across the country recorded transactions valued at N39.15 trillion in the fourth quarter

Africa’s largest economy is returning back to flourishing days as Nigeria’s GDP stands at 1.93%

Africa's largest economy is returning back to flourishing days as Nigeria's GDP stands at 1.93%

Africa’s largest economy is returning back to flourishing days as Nigeria’s GDP stands at 1.93% Africa’s largest economy is returning back to shape as GDP

Oil prices rise amid OPEC-led supply cuts

Oil prices rise amid OPEC-led supply cuts

Oil prices rose on Tuesday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, although analysts expect surging U.S. output and concerns over

Belgore debunks laundering N450 million in 2015

Belgore debunks laundering N450 million in 2015

A Senior Advocate of Nigeria, Mr Dele Belgore, on Monday debunked the allegation by the Economic and Financial Crimes Commission, EFCC that he laundered the

FG forces oil firms to pay N1.2tn royalty arrears

FG forces oil firms to pay N1.2tn royalty arrears

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said on Monday that the Federal Government had forced oil companies operating in the country